WeShare CrowdFunding Scam Shutdown

In not so surprising news, the WeShare CrowdFunding Scam has been shutdown. $2 million in representatives money has been frozen in their merchant processor account. Their solution to this problem is to move everyone over to another recruiting scheme. In my opinion, you should not follow them to the next scheme.

This shutdown comes after a statement like this on May 11th, 2016:

Many of you have grown weary of waiting for weShare to “get its act together” (from your perspective), and some may have joined other programs. However, because we have been forced into this situation we have been through all of the challenges that others will eventually have to face. Sometimes being the early adopter brings great burdens, as well as a tremendous education. Other companies have yet to go through this learning curve. Armed with our experience, we are more committed than ever to bring you the finest programs and systems available. – Source wesharecrowdfunding.kayako .com

Cash gifting schemes are notorious for their excuses and problems when running their programs.

Here is the announcement of the shutdown:

Notice to All Project Managers.
Effective May 31, 2016
Due to several conditions that are beyond our control, weShare finds itself compelled to suspend all business operations temporarily, while it undergoes a major reorganization.

As you know, weShare’s former merchant processor continues to hold over $2 million in donations that it has collected from project managers’ cards.

Many of weShare’s top leaders have suggested that we simply draw a line in the sand and start over. That sounds simple enough. But it’s not a sound solution, either legally or logistically.

weShare is aggressively pursuing its legal efforts to recover these funds. But the effort will be lengthy and costly, and during the interim the company cannot continue to receive donations or make distributions. To the extent practicable, in due course recovered funds will be used to satisfy obligations to project managers and others.

However, perhaps weShare has found a solution that is almost as good, involving a fresh start that would allow Managers to retain much of the benefit of their weShare positions by transferring their projects to a new company.

The weShare management team has been meeting with the owners of another crowdfunding platform that has been developed independently. This company enjoys a unique and attractive plan for managing and distributing donations, and weShare believes that this new company might provide an interesting opportunity for its project managers and their projects.

With weShare’s consent, the owners have met with weShare’s senior management and support team. Marvin Higbee (weShare’s acting president) and Rick Moore (weShare’s acting CFO) have been offered executive positions. Mr. Higbee has accepted the position as CEO, and Mr. Moore will be their new CFO. weShare’s customer support team will be engaged to add customer support for this new company; they are already trained, they already know you and they are ready to hit the ground running. weShare supports and endorses these decisions.

To be clear: although this new company is willing to accept every weShare project manager as a member of its team, it cannot assume liability for any amounts that may be in your weShare wallet.

With that understanding, weShare is making its downline organizational structure available to this new company for the sole purpose of maintaining the downline integrity as much as possible, during a transition period. This new company is not acquiring weShare or any of weShare’s assets or liabilities. No one is being grandfathered in. Those who wish to join will pay the regular price. But there’s an upside: this will likely allow you to fund projects quickly because of the renewed activity.

Starting with the very first Managers who joined weShare, you will be given an opportunity to join this new company and then introduce all Managers whom you personally enrolled in weShare. This is not mandatory. No one is required to join the new company. This is purely a voluntary and “opt in” opportunity. Over the next few days you should all be hearing from your weShare upline to give you the full details and the name of the company. There will be a short window of opportunity for every project manager to elect to join. Those who choose not to do so will simply not be added and the downline will compress.

Under these present circumstances, weShare firmly believes this is the very best option for each of its project managers. This will also allow weShare to focus 100% of its effort on collecting and paying out the millions of dollars being held by third parties. Along with this announcement, weShare has ceased accepting or paying out any more donations.

weShare strongly encourages each of you to consider this new option. In the meantime, weShare will continue to pursue vigorous collection of funds.

Sincerely,

weShare Management

– Source weShare

WeShare CrowdFunding Scam Conclusion

In my opinion, the WeShare CrowdFunding scam is a cash gifting scheme acting as a crowdfunding platform. WeShare CrowdFunding is promoted as a way for you to mutually help others. Instead, it is a way to make money from people you recruit into a pyramid scheme. It is free to join, but you will have to “donate” to others to take full advantage of the Donation Distribution Formula. I would avoid the WeShare CrowdFunding money making opportunity.

Thanks Ethan, really appreciate your insights in these fraudulent companies. People should be warned about these new kick starter/crowd funding scams altogether. Donating because its ‘trendy’ or to get the attention for the wrong reasons (i.e showing off to friends) annoys the lights out of me.